The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108 3,165 72,600 SH   SOLE   72,600 0 0
BANCORP NEW JERSEY INC NEW COM 059915108 1,064 78,800 SH   SOLE   78,800 0 0
BANK COMM HLDGS COM 06424J103 679 71,515 SH   SOLE   71,515 0 0
BANK OF THE OZARKS INC COM 063904106 2,314 44,000 SH   SOLE   44,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 1,358 89,524 SH   SOLE   89,524 0 0
BNC BANCORP COM 05566T101 2,188 68,600 SH   SOLE   68,600 0 0
BOFI HLDG INC COM 05566U108 999 35,000 SH   SOLE   35,000 0 0
CENTERSTATE BANKS INC COM 15201P109 4,941 196,300 SH   SOLE   196,300 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 581 29,100 SH   SOLE   29,100 0 0
CITIZENS FIRST CORP COM 17462Q107 1,373 76,253 SH   SOLE   76,253 0 0
CODORUS VY BANCORP INC COM 192025104 100 3,499 SH   SOLE   3,499 0 0
COLONY BANKCORP INC COM 19623P101 350 26,500 SH   SOLE   26,500 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,480 342,000 SH   SOLE   342,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,286 165,180 SH   SOLE   165,180 0 0
EAGLE BANCORP INC MD COM 268948106 2,109 34,600 SH   SOLE   34,600 0 0
EAST WEST BANCORP INC COM 27579R104 2,999 59,000 SH   SOLE   59,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,473 57,500 SH   SOLE   57,500 0 0
FCB FINL HLDGS INC CL A 30255G103 2,886 60,500 SH   SOLE   60,500 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 372 15,680 SH   SOLE   15,680 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 3,078 257,560 SH   SOLE   257,560 0 0
FS BANCORP INC COM 30263Y104 442 12,306 SH   SOLE   12,306 0 0
GREAT WESTN BANCORP INC COM 391416104 1,199 27,500 SH   SOLE   27,500 0 0
GREEN BANCORP INC COM 39260X100 2,487 163,600 SH   SOLE   163,600 0 0
HANMI FINL CORP COM NEW 410495204 115 3,300 SH   SOLE   3,300 0 0
HAWTHORN BANCSHARES INC COM 420476103 2,872 162,240 SH   SOLE   162,240 0 0
HILLTOP HOLDINGS INC COM 432748101 1,109 37,200 SH   SOLE   37,200 0 0
HMN FINL INC COM 40424G108 3,304 188,800 SH   SOLE   188,800 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 286 30,929 SH   SOLE   30,929 0 0
INDEPENDENT BK GROUP INC COM 45384B106 2,415 38,700 SH   SOLE   38,700 0 0
INVESTAR HLDG CORP COM 46134L105 3,489 187,100 SH   SOLE   187,100 0 0
JPMORGAN CHASE & CO COM 46625H100 216 2,500 SH   SOLE   2,500 0 0
LAKELAND BANCORP INC COM 511637100 4,758 244,000 SH   SOLE   244,000 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 1,869 43,400 SH   SOLE   43,400 0 0
MID PENN BANCORP INC COM 59540G107 1,547 64,937 SH   SOLE   64,937 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 1,254 57,409 SH   SOLE   57,409 0 0
PACWEST BANCORP DEL COM 695263103 3,294 60,500 SH   SOLE   60,500 0 0
PARAGON COML CORP COM NEW 69911U403 1,334 30,501 SH   SOLE   30,501 0 0
PATRIOT NATL BANCORP INC COM NEW 70336F203 591 42,065 SH   SOLE   42,065 0 0
PEOPLES BANCORP N C INC COM 710577107 2,507 100,000 SH   SOLE   100,000 0 0
PLUMAS BANCORP COM 729273102 559 29,400 SH   SOLE   29,400 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 233 13,600 SH   SOLE   13,600 0 0
RENASANT CORP COM 75970E107 2,402 56,900 SH   SOLE   56,900 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,268 114,000 SH   SOLE   114,000 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 1,778 225,000 SH   SOLE   225,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,428 178,544 SH   SOLE   178,544 0 0
SOUTHERN MO BANCORP INC COM 843380106 2,788 78,800 SH   SOLE   78,800 0 0
STONEGATE BK FT LAUDERDALE FLA COM 861811107 2,809 67,311 SH   SOLE   67,311 0 0
SUFFOLK BANCORP COM 864739107 655 15,300 SH   SOLE   15,300 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 928 33,700 SH   SOLE   33,700 0 0
SUN BANCORP INC COM NEW 86663B201 1,277 49,099 SH   SOLE   49,099 0 0
SUNSHINE BANCORP INC COM 86777J108 2,387 139,292 SH   SOLE   139,292 0 0
SVB FINL GROUP COM 78486Q101 1,202 7,000 SH   SOLE   7,000 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1,333 17,000 SH   SOLE   17,000 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 5,909 177,700 SH   SOLE   177,700 0 0
TRICO BANCSHARES COM 896095106 1,415 41,400 SH   SOLE   41,400 0 0
UNIVEST CORP PA COM 915271100 2,117 68,513 SH   SOLE   68,513 0 0
VERITEX HLDGS INC COM 923451108 4,017 150,400 SH   SOLE   150,400 0 0
ZIONS BANCORPORATION COM 989701107 3,486 81,000 SH   SOLE   81,000 0 0